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2 Apr 2013
Forex: GBP/USD back to 1.5225/30
FXstreet.com (Barcelona) - The sterling is trading back to the comfort zone around 1.5225/30 on Tuesday, after hitting fresh weekly highs in the boundaries of 1.5260 overnight ahead of interesting data in the British economy: manufacturing PMI (48.5 exp.), Consumer Credit, Mortgage Approvals and M4 Money Supply.
According to the last IMF’s COFER report, “purchases of GBP were minor ($4bn) implying that the proportion of FX reserves held in sterling was declining even before the UK was stripped of its AAA stratus by Moody’s”, argued the research team at NAB.
GBP/USD is now losing 0.02% at 1.5226 with the immediate support at 1.5200 (high Feb.28) ahead of 1.5178 (low Apr.1) and finally 1.5165 (MA10d).
On the flip side, a breakout of 1.5242 (high Apr.1) would expose 1.5260 (hourly high Mar.250 and then 1.5280 (high Mar.25).
According to the last IMF’s COFER report, “purchases of GBP were minor ($4bn) implying that the proportion of FX reserves held in sterling was declining even before the UK was stripped of its AAA stratus by Moody’s”, argued the research team at NAB.
GBP/USD is now losing 0.02% at 1.5226 with the immediate support at 1.5200 (high Feb.28) ahead of 1.5178 (low Apr.1) and finally 1.5165 (MA10d).
On the flip side, a breakout of 1.5242 (high Apr.1) would expose 1.5260 (hourly high Mar.250 and then 1.5280 (high Mar.25).